19 September 2011 – interim results

Interim results from the specialist brick manufacturer for the six months to 30 June have seen turnover increase by 14% to £12.2m with a pre-tax profit of £105k being recorded (2010 – loss of £634k).  Earnings per share emerged at 0.16p and net asset value per share at the end of the period was 64p (2010: 60p).  The group has completed its restructuring and the Telford factory reorganisation is also progressing well with an additional 15 acres of property released for development.  The group is in talks with housebuilder Persimmon about the sale of surplus land and it has now reduced its scale of operations to a level more in line with demand.  As a specialist brick manufacturer, the group feels that it is now well-placed to maintain its strong independent position.  The shares remain a BUY.